$5.00 Per Gallon Gas Prices?

3/10/2011

Yes we could see $5.00 per gallon gasoline prices this summer. We have already seen $4.99 for premium in parts of California. I was wondering what the average person thought about this potential increase, so I took a survey of people at shopping centers.

Most said they simply could not afford $5.00 for a gallon of gas, but some indicated that they could afford gas prices as high as $8.00 per gallon. A few indicated they would forego a family vacation this year or curtail their children’s activities like soccer or baseball.

No one selected the option of looking for additional work, like a part time job, which surprised me.

But the truth is, we will pay whatever it costs to continue driving our cars. The majority of those surveyed indicated they owned a compact vehicle and a SUV or truck. As gas prices continue to rise, you will see more SUVs parked and used sparingly.

I remember 1973 when gas prices rose from 23 cents to 35 cents per gallon and we all thought we were going to die. Car dealers were almost giving away large vehicles like Cadillac, which only got 5 or 6 miles per gallon. People were saying they could not afford the increase, but we all somehow managed. During the 1980s we stood in line and could only buy gas on odd or even days. Your day to buy gas was indicated by the last number on your car’s license plate. If you had vehicles with both odd & even you were allowed to spend from 45 minuets to two hours in line to fill your tank. But at least the price of a gallon of gas was around 85 cents.

So I guess it is time to tighten our belts once more as the price of most everything is going to increase because of gasoline prices. We will learn new ways to conserve and it will open opportunities for businesses to create and market new items, which will save us money. Just think, your new job could be created during this crisis.

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